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Note 8 - Marketable Securities
 3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Investment [Text Block]

Note 8 – Marketable Securities

 

The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of  March 31, 2022 and December 31, 2021:

 

 

   

March 31, 2022

  

(in thousands)

  

Cost

    

Unrealized Gains

    

Unrealized Losses

    

Fair Value

  

U.S. municipal securities

   $ 14,889     $ -     $ (264 )   $ 14,625  

Corporate debt securities

     12,144       -       (180 )     11,964  

U.S. government agency securities

     17,288       -       (188 )     17,100  

Certificates of deposit/time deposits

     1,438       2       (2 )     1,438  

Commercial paper

     2,987       -       (4 )     2,983  

Total marketable securities

   $ 48,746     $ 2     $ (638 )   $ 48,110  

 

 

 

   

December 31, 2021

  

(in thousands)

  

Cost

    

Unrealized Gains

    

Unrealized Losses

    

Fair Value

  

U.S. municipal securities

   $ 12,549     $ -     $ (70 )   $ 12,479  

Corporate debt securities

     9,303       -       (44 )     9,259  

U.S. government agency securities

     2,500       -       (12 )     2,488  

Certificates of deposit/time deposits

     1,687       7       -       1,694  

Commercial paper

     -       -       -       -  

Total marketable securities

   $ 26,039     $ 7     $ (126 )   $ 25,920  

 

 

Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

 

Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.

 

The  March 31, 2022 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

 

 

   

March 31,

  

(in thousands)

   2022  

Due in one year or less

   $ 19,914  

Due after one year through five years

     28,196  

Total marketable securities

   $ 48,110